My family (wife + kids) live in NY, own a few assets (rental properties + land), wife is a teacher. I just got a really great (huge pay increase!) job in TX, and after painful deliberation with family, I decided to accept it. Only condition: I need to live in TX! But we’re not ready to move anywhere at this point, let alone TX, so the plan is I will move down there, and come home on a regular basis (we worked out a schedule).
We have a goal (ambition) to achieve financial independence as soon as we can realistically get there, and we’ve estimated that we can do it in 3 years!!
Here’s a summary of what we’re looking at:
- We love NY (at least where we live) and don’t want/plan to move
- We own investment properties, all here in NY
- We has salary from her teaching job
- While NY has state income tax, TX does not, which will result in a non-negligible chunk of change each year!
- My new job offers generous benefits, including a matching 75% 401(k) up to 6% of my contribution, in addition to an automatic 10% company contribution, regardless of employee contribution. Plus HSA, plus a boat load of other stuff!
Given this, I plan to minimize my living expenses, as well as my travel expenses as much as possible (hence maximizing saving rate).
So my questions:
- what’s the best way to achieve above objectives (i.e, minimize living + travel expenses)? I heard about things like ‘house hacking’ and ‘travel hacking’, etc. Any suggestions/advice on how to a) learn more about these, and b) how to actually do them?
- how to handle the tax situation? Any way I could file in TX and thus not have to pay NY anything, or is that not possible?
- what would you do if you were in our shoes, with the goals we have for achieving FI? 🙂
Thanks a TON!